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SEOUL, May 19 (Yonhap) -- Lawmakers from the ruling People Power Party (PPP) visited the office of Wemade, the issuer of Wemix cryptocurrency, Friday as part of an investigation into suspicions surrounding now-independent lawmaker Kim Nam-kuk's dubious cryptocurrency trading.

A special investigation team from the PPP, including Reps. Kim Sung-won, Yun Chang-hyun, Park Hyeung-soo and Choi Hyung-du, as well as a group of outside experts, met with Wemade Co.'s CEO Chang Hyun-guk at the company's headquarters for clues into suspicions surrounding Kim's coin trading.

"The Democratic Party (DP) seems to have shut their ears to the public's pent-up frustration and calls for truth. We will embrace their desires and make every effort to uncover the truth," said Kim at a press conference in front of the company headquarters in Pangyo, south of Seoul.

Wemade Co. created the P2E, or play-to-earn, coin Wemix.

Kim, a first-term lawmaker, has come under fire following revelations that he owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million) at the time, a significant amount inconsistent with his frugal image. Wemix was delisted in November 2022.

Rep. Kim Sung-won (C) of the ruling PPP speaks before reporters in front of Wemade Co.'s headquarters in Pangyo, south of Seoul, as part of the party's own investigation into suspicious cryptocurrency trading of former Democratic Party lawmaker Kim Nam-kuk on May 19, 2023. (Pool photo) (Yonhap)

The visit came amid suspicions that Wemade may have lobbied Kim by providing Wemix coins for free in exchange for Kim's legislative support for the P2E industry.

But Chang rejected the suspicions, saying the company never gave free Wemix coins to Kim via Airdrop or through a private sale, saying it would be nearly "impossible" to deposit the 800,000 Wemix coins owned by Kim through such methods.

Kim departed from the main opposition Democratic Party (DP) earlier this week as suspicions grew about the source of his massive crypto holdings and whether the lawmaker had insider information.

The DP had referred Kim to the parliamentary ethics committee over his dubious cryptocurrency dealings.

Rep. Kim Nam-kuk, a former member of the main opposition Democratic Party, checks his smartphone during a parliamentary inspection in Daejeon, 139 kilometers south of Seoul, on May 14, 2023. (Yonhap)

fairydust@yna.co.kr(END)

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